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PROFESSOR M.B. AJAKAIYE & ANOR v. FEDERAL REPUBLIC OF NIGERIA

(2010) JELR 33722 (CA)

Court of Appeal  •  CA/L/129/2001  •  30 Mar 2010  •  Nigeria

Coram
RAPHAEL CHIIWE AGBO JCA; IBRAHIM MOHAMMAD MUSA SAULAWA JCA; REGINA OBIAGELI NWODO JCA;

Judgement

I. M. M. SAULAWA, JCA (Delivering the Leading Judgment): This is an appeal against the ruling of the Federal High Court, Lagos judicial Division which was delivered on 27th November, 2000 by D. O. Abutu, J in charge No FHC/L/FBCR/17/99, regarding the parties herein, The facts and circumstances surrounding the appeal could be briefly stated as follows:-

The 1st Appellant was the erstwhile Managing Director of the Nigerian Agricultural and Cooperative Bank Limited (NACB) and Chairman of the Board of Nigerian Agricultural and Cooperative Bank Consultancy And Finance Company Limited (NACB-CFC). The 2nd Appellant was the General Manager of NACB-CFC.

The Appellants and two others were sometime in 1994 arrested and investigated for various offences committed against the Failed Banks (Recovery of Debts) And Financial Malpractices in Banks, Decree No 18 of 1994. However, in the course of their detention, the Appellants and others filed an application in suit No M/492/98 upon the prerogative w…

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